One in Five Trust Our Banks

What is the basis of any relationship?

Trust.

How much do you want to engage somebody if you have little to no trust in that individual or institution? Obviously not much. A healthy society is one in which trust is pervasive. The premise and foundation of trust within our relationships allows for the free flow of information, capital, and goods. Everybody benefits.

Regrettably, our nation has an enormous trust deficit currently. Why so? Once violated, trust does not easily or quickly return or regenerate. Although many within positions of leadership in our nation would like to present the rebound in our markets and our economy as indicative of a return to a healthy nation, they are FOOLS if they truly believe that. Why so?

When it comes to the basic principle of trust, most in our nation display the “once, twice, thrice times burned, four, five, six times shy.” Only 1 in 5 trust our banks today down from 1 in 2 a mere 5 to 6 years ago. (to be fair, I am going to define banks as the major money center banks). How about our media and Congressional representatives? A similar 1 in 5 trust our media but only about 1 in 8 people trust our Congressional representatives.

The WSJ provides the graph and more details in writing, How a Trust Deficit Is Hurting Our Economy.

This is not healthy, folks. Without trust, our economy will continue to languish. Make no mistake, though, the lack of trust is merely another barometer of failed leadership within these institutions.

How does America regain trust?

Promote truth and honesty even when the truth hurts and the honesty is ugly. The pain passes and the ugliness fades. Real leaders understand that.

Where are our ‘supposed’ leaders? In bed with each other.

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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